Government to seize P215.8 M of Erap Muslim Youth Foundation

The bank holding more than P215.8 million in the name of the Erap Muslim Youth Foundation has been ordered to transfer the seized amount to the Sandiganbayan.

In a notice to deliver, Sheriff Edgardo Urieta advised lawyer Gerardo Banzon, head of Legal Advisory and Research Department at Banco de Oro, to issue two checks with a total amount of P215,828,318.13 in the name of the Sandiganbayan and the Sandiganbayan Judiciary Development Fund.

The money was originally deposited with Equitable PCI Bank, which has since been consolidated into Banco de Oro.

Urieta said the first check for P209,353,388.59 would eventually be transferred to the National Treasury.

The other check worth P6,474,929.54 issued to the Sandiganbayan Judiciary Development Fund will be retained by the anti-graft court as the Sheriff’s Office’s percentage for judicial services, he added.

Both checks would be deposited in a government bank, possibly in the Land Bank of the Philippines, Urieta said.

Meanwhile, Urieta said the Sandiganbayan has ordered the Quezon City government to turn over the other title of the Boracay mansion in New Manila, Quezon City to the Sandiganbayan as part of the penalties of ousted President Joseph Estrada, who has been convicted of plunder.

The anti-graft court has already levied the other title of the Boracay mansion, he added.

Urieta said one title of the Boracay mansion, showing that it consists of 5,198 square meters, had been earlier levied.

The second title, consisting of about 2,000 square meters, was also to be embargoed yesterday as a part of the Boracay mansion, he added.

Both titles were in the name of St. Peter Holdings before they were seized by the Quezon City government for failure to pay real estate taxes, Urieta said.

The Boracay mansion is located at No. 100 11th street, New Manila, Quezon City.        — Sandy Araneta